[INTRODUCTION] [HIGHLIGHTS] [LETTER TO THE STAKEHOLDERS] [DAIRY FOODS] [AG SERVICES] [BOARD OF DIRECTORS] [FINANCIAL REVIEW] [SENIOR STRATEGY TEAM]
Financial Overview
Consolidated Statements of Operations
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
Consolidated Statements of Equities
Notes to Consolidated Financial Statements
Report of Management
Independent Auditors Report
Ten Years in Review
Notes to Consolidated Financial Statements

8. LEASE COMMITMENTS

The Company leases various equipment and real properties under long-term operating leases. Total rental expense was $29.8 million in 2001, $31.7 million in 2000 and $26.7 million in 1999. The minimum annual lease payments for the next five years and thereafter are as follows:

Year Amount

2002 $ 27,323
2003 28,430
2004 23,957
2005 21,704
2006 20,447
2007 and thereafter 111,277

Most of the leases require payment of operating expenses applicable to the leased assets. Management expects that in the normal course of business most leases that expire will be renewed or replaced by other leases.

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INTRODUCTION | HIGHLIGHTS OF 2001 | LETTER TO THE STAKEHOLDERS | DAIRY FOODS | AG SERVICES
BOARD OF DIRECTORS | FINANCIAL REVIEW | SENIOR STRATEGY TEAM